PPG recently announced it has reiterated its invitation to AkzoNobel to enter into discussions to explore PPG’s proposal to form a combined company. PPG reportedly continues to believe that a combination of the two companies has a strong strategic rationale and presents a highly compelling and unique opportunity for both AkzoNobel and PPG and their respective stakeholders.
“We made a compelling offer to AkzoNobel that provides its shareholders with a significant premium and the opportunity to benefit from the upside potential of a stronger company that is well positioned for future growth and value creation,” said Michael McGarry, chairman and CEO. “Together, we can create a stronger company that will benefit all of AkzoNobel’s stakeholders, including its Netherlands-based employees.”
Although AkzoNobel has declined PPG’s repeated invitations to meet, PPG remains committed to seeking engagement with AkzoNobel. PPG reportedly believes AkzoNobel should honor growing requests to engage and fully consider all relevant options to create the most value for all of its stakeholders, and benefit from the multiple months of preparation already completed by PPG.
“The resounding feedback we have received in the Netherlands, the U.K. and the U.S. further validates the merits of combining PPG and AkzoNobel,” McGarry said. “We are now even more convinced that this combination is in the best interests of all stakeholders of AkzoNobel.”